Fintech platform Pine Labs made a steady entry into the public markets on Friday, listing at Rs 242 per share on the NSE a 9.5 percent premium over its issue price of Rs 221. The BSE also reflected a similar trend, signalling a stable debut despite muted enthusiasm from retail investors.
IPO Performance and Subscription Trends
The Rs 3,900 crore public issue, which closed on November 11, comprised both a fresh issuance and an offer for sale. According to exchange data, the IPO was subscribed 2.46 times overall, driven primarily by institutional investors. The retail category saw a mild 1.22x subscription, while QIBs (excluding anchors) subscribed 4x. The employee quota generated the strongest response at 7.35x, whereas the NII portion lagged at 0.3x.
RBI Approvals Strengthen Payments Portfolio
Ahead of its listing, Pine Labs secured three crucial licences from the Reserve Bank of India covering payment aggregation, payment gateway operations, and cross-border payments. These approvals enhance the company’s ability to process domestic and international transactions, oversee settlements, and expand its footprint across multiple merchant categories.
Financial Performance and Growth Indicators
Pine Labs reported a revenue of Rs 2,274 crore in FY25, marking a 28.5 percent year-on-year increase from Rs 1,769 crore in FY24. The company also narrowed its net losses by 57 percent to Rs 145 crore during the same period. In Q1 FY26, the firm posted a net profit of Rs 4.7 crore on revenue of Rs 616 crore, signalling early signs of profitability.
Market Outlook
The stock touched an intraday high of Rs 284 and was trading at Rs 270.28 at 10:50 AM, about 22.45 percent above the issue price. With a market cap of Rs 31,051 crore, Pine Labs now faces the challenge of sustaining momentum in an increasingly competitive fintech landscape dominated by UPI, BNPL, and embedded finance solutions.
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